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T-BONDTRADER wrote:
> But to position trade it, is as impossible as any other market. How the
> heck any private individual can make a living out of that, I do not know.
>
> I can understand how you can speculate. No problem. With large amounts of
> capital, the ability to withstand drawdowns and using a blend of
> fundamentals (COT, Open Interest, Volume, etc) and technical analysis, I can
> see how one could make sizeable chunks of loot position trading. But making
> a private living out of it......
>
YOU CAN MAKE DOUGH position trading as an individual but you must be
sufficiently capitalized and you must discipline yourself not to be distracted
by hour-to-hour shifts in sentiment. Yes stops tend to be larger, but so do the
rewards when right.
> Every day, I do what I do do and my brand of TA in a truly liquid, near
> slippage free market allows me to make a living. Over night, I sleep - but
> I do need to know what the Globex High and Low are the next day - but that
> is my sole interest in what happens when the day has ended. The next day,
> I do what I do do, again. It is not a stressful way of putting bread on the
> table. Believe me!
>
Whether short-time-frame is stressful or not is very much dependant on the
persons psych. I have done both. Have 'jobbed' the market as a market-maker
while at the same time taking proprietary 'long term' positions. I found the
latter less stressful and hence that is what I do now (as an individual) for a
living and is what I did for my own account while employed for an institution.
My house and cars are paid for and my wife and I are able to live a very
comfortable lifestyle. All from position trading. So, to imply that "making a
private living out of it" is very difficult/not possible is misleading.
There are some very good day-traders. There are some very good position
traders. There are some that can do both. Just like there are some very good
baseball players that cannot play cricket etc..etc.. Depends on the individual
and how he is made-up I guess.
I sleep fine too. I usually have substantial risk overnight, I sleep with a
pocket reuters-thing under my pillow (before that I had a pc on the bedroom
desk) and trade at least once during the night. But I have lived that way for
many years. During my time working for a bank I was 'on-call' 24hrs and was
regularly woken up during the night by one of the overseas offices. At first
interrupted sleep made me feel 'important'. After a couple of years it became a
pain-in-the-ass. Now its just the way I live. In fact just after I married I
received a call from an overseas office. Made a price. Dealt. Woke up in the
morning and didn't even remember the call or trade until my wife asked who the
call was from!
> But guess what? The only indicator you need is called PRICE ACTION. The
> only indicator that works consistently is called PRICE ACTION. The only
> indicator that doen't lag is called PRICE ACTION. And where does the PRICE
> ACTION count most? At major support and resistance levels. And where do
> you find those? Where the PRICE ACTION has shown you where the PRICE ACTION
> has been.
>
Agree...Agree and Agree. Couldn't agree more. Agree. I hope others on this
forum read this bit of your post carefully and with a little thought they may
finally come around to realising the beauty and simplicity of K.I.S.S. Good
point here Bill. Nuff said..... :)
> Trading is not complicated, but by Fibonacci, traders try and make it so...
>
Trading is as complicated as you make it. Like anything in life I guess.
E.
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